From the Daily News:The Bloomberg administration on Thursday announced sweeping plans to create a new super pension board in an effort to cut millions of dollars in consulting fees - and boost investment returns.
The new board will be led by a chief investment officer and an in-house staff of industry professionals. They'll have power over the city's five independent pension funds.
The staff is expected to generate more robust returns for the $120 billion pension system that has been rocked by the volatile stock market in recent years.
"We're overhauling an antiquated pension management system that has needed restructuring for generations," Mayor Bloomberg told reporters.
The proposal, which must be approved by Albany lawmakers, has broad labor support.
The move could save an estimated $1 to $2 billion a year if the plan is fully implemented, city and union officials said.
6 comments:
"Pensions board may save millions"
Anyone else suspicious?
Key word? MAY!!!
Didn't Comptroller Liu
have something to do with this?
It's a highly suspect move regardless!
Funny thing....
anytime anyone seeks to "improve" a process, it usually gets worse!
"INTRODUCING THE NEWLY IMPROVED"
(same old horseshit)!
Grab yourself a shovel or learn to deftly step over the accumulating piles.
In other words, we will create a new set of six-figure salary "friendly positions" that will either offset any potential savings or, more likely, cost more to run than what can ever be saved.
yay, progress.
"The new board will be led by a chief investment officer and an in-house staff of industry professionals."
David Weprin for Chief Investment Officer!
Sounds like the mayor and his cronies are looking to get their hands on the pension money.
Regardless of how one might feel about municipal pensions, the mayor has no right to touch this moey. If he does, the pension funds will be empty in five years.
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